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NZ Dollar Hits Two-month Low Against Greenback

Fuseworks Media
Fuseworks Media

Wellington, April 2 NZPA - The New Zealand dollar hit a two-month low against a strengthening greenback overnight, but made gains against other major currencies.

By 8am today the kiwi had recovered some ground against the United States dollar to be buying US78.36c, having briefly been down around US77.80c from US78.63c at 5pm yesterday.

The US dollar gained broadly overnight after a write-down at Swiss bank UBS highlighted that credit market problems are global.

Further gains for the greenback came from the better-than-expected US Institute for Supply Management's manufacturing report for March, even though it indicated factory activity contracted for a second month.

The Australian dollar fell broadly after the country's central bank kept interest rates at a 12-year high of 7.25 percent, as widely expected, but issued a statement that cut expectations of a further rate rise.

By 8am the kiwi was at A86.55c against the aussie from A86.26c at yesterday's local close.

It also lifted overnight against the euro and the yen. By local open it was buying 0.5022 euro and 79.93 yen, from 0.4984 and 78.52 at 5pm yesterday.

The trade weighted index was 70.25 at 8am from 69.94.

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